Cyrus Mistry said that he was humbled by the National Company Law Appellate Tribunal (NCLAT) order which recognised the “prejudicial conduct of Mr Tata.”
New Delhi, January 5:
Cyrus Mistry on Sunday said he has “no interest in getting back into Tata Sons in any capacity”, days after being reinstated as the group’s executive chairman. Mistry said he was humbled by the National Company Law Appellate Tribunal (NCLAT) order which recognised the “prejudicial conduct of Mr Tata.”
“I am humbled by the NCLAT order, which after review of the enormous material on record, recognized the illegal manner in which I was removed and the oppressive and prejudicial conduct of Mr. Tata and other Trustees,” news agency ANI quoted Mistry as saying.
The NCLAT restored Cyrus Mistry as the Executive Chairman of Tata Sons on December 18. Mistry was sacked from the group three years ago. The Tribunal, in its order, said Ratan Tata’s actions against Mistry were oppressive and the appointment of a new chairman was illegal.
The Tata Consultancy Services (TCS) on Friday moved the Supreme Court against the NCLAT judgment in favour of Mistry.
Mistry on Sunday evening said that he has taken the decision in the overall interest of the Tata group, whose interests are “far more important than those of any individual”.
“To dispel the misinformation campaign being conducted, I intend to make it clear that despite the NCLAT order in my favour, I will not be pursuing the executive chairmanship of Tata Sons or directorship of TCS, Tata Teleservices, Tata Industries. I will, however, vigorously pursue all options to protect our rights as a minority shareholder including a seat on the board,” he said.
Ratan Tata had also moved the apex court on Friday in his personal capacity challenging the tribunal’s December 18 judgment. Tata alleged that Mistry was reluctant to disassociate himself from his family business even after he became the chairman of Tata Sons leading to conflict of interest.
Courtesy: Hindustan Times
